Jobless Claims Dip Again; Reach 17-Month Low

michigan-weeklyclaims.pngWeekly jobless claims dropped by 22,000 last week to hit 432,000 initial claims, a seventeen month low, though the number of people collecting extended unemployment benefits climbed by almost 200,000. That may mean that fewer people are getting laid off but the ones who are already unemployed are finding it tougher and tougher to get work.

Jobless claims dropped in 10 states for the week ending Dec. 19, with most gains in the South and Midwest; claims increased in New York, New Jersey, California, and Michigan (as auto industry layoffs continue).